Frugal Village Forums banner

1 - 19 of 19 Posts

·
Registered
Joined
·
549 Posts
Discussion Starter #1
I'm writing this post to toot my own horn. I wanted to write about how we have gone from saving nothing to $186 a month in less then one year. We have never been savers. Ever. We relied on credit cards for emergencies, holidays, and anything unexpected. We never saved anything. Nothing/zip/zilch/zero/nada.

We started small. In April of last year we started with $10 a week that was automatically transferred into a savings account. That's it. We didn't even notice that ten bucks. In May my husband was laid off from his job with only 2 weeks severance pay and EI to rely on. It was then that I learned the importance of having an emergency fund and I had desperately wished that we had been prepared for this job loss. Money was tight but we perservered. We did that for 10 weeks.

After the 10 weeks were up we changed the deduction to be $12 a week. We did that for 10 weeks. Then we did $15 a week for 10 weeks. We hardly noticed the increase in the money coming out of our chequing account. But, what we did notice was our fund growing. Yes, it was small, but still impressive to us. We were only used to seeing negatives in our bank accounts…not positives.

We continued to increase the weekly saving from $15 a week to $17 a week, then to $20….and finally to $21 a week. I know the $1 increase is small…but it all adds up. $1 a week is $52 a year! Every little bit helps.

At this point we will be sticking with the $21 a week for at least 10 weeks, maybe longer. We are now saving $84 a month towards our emergency which is still small (about $500) but it is so nice knowing that it is there. A few months back we had a flat tire and instead of panicking or becoming upset or being worried because we would have had to put the new tire on a credit card we were able to turn to our lovely fund and use the money in there.

In October we also had decided that we wanted to take a little mini weekend getaway to a nice hotel in a small town by the lakeshore. In the past we simply would have charged the whole weekend onto one or two of our credit cards. This time we were determined to save for the holiday and to have CASH to pay for the entire weekend away.

Again, we started small. $5 a week. Then after a few weeks we upped it to $8 and then to $10. Any money I received for selling my crochet items went into the holiday account. Same with the money I received from doing online surveys. I also got my yearly increment pay raise at work and I did what Gail Vaz-Oxlade advises. I have the new amount taken right off my pay check so I didn’t get used to spending the new amount. I have that money put into a payroll savings bond so. It’s gotten so I don’t even remember that I could have been spending it. That is $15 a pay. In the end we saved up enough money to pay for the entire weekend!!!! It really made the weekend SO MUCH BETTER then if we had charged it. It was a completely worry free weekend. I never had to worry about how we were going to pay for the hotel, the dinners, the treats…because we had the cash.

I am so impressed with our savings for holidays that as soon as we returned from our weekend holiday I upped our savings for trips to $18 a week. We are now saving for a camping trip in May. It’s very exciting!

$21/week = $84 a month
$18/week = $72 a month
15/biweekly = 30 a month

Grand Total of $186 a month!!

Our next step is to open a planned spending account for house repairs/upkeep and car repairs/upkeep. We are going to start small of course, $5 a week. That’s what we do and we are going to watch ourselves be successful. We will watch our contributions rise over the months and we will watch our funds grow over the months.

Everyone can do this. I never in a million years thought that we could go from zero to $186 in less then a year. NEVER. But we here we are. It’s so easy. Start small and then raise the numbers every 10 weeks or so. Up it by $1. What is $1 to you? It’s nothing. It’s a few quarters a week. Just do it.

Dinah
 

·
Registered
Joined
·
621 Posts
Sounds like a great plan. And it was almost painless!:thumb:
 

·
Registered
Joined
·
362 Posts
Gail is so knowledgeable. I'm addicted to her shows ... and her blog.
Way to go on upping the savings! :clap:
 

·
Moderator
Joined
·
19,119 Posts
Dinah - what a great post!! Congratulations on your planning and determination!!
 

·
Registered
Joined
·
2,896 Posts
I agree, great post. It just shows what can be accomplished by starting small and working toward a goal can do. Every little bit helps, even just one dollar.

Great job!
 
  • Like
Reactions: tamiky

·
Registered
Joined
·
2,618 Posts
Thanks for the post telling how you began saving. As you wrote, every little bit helps. WTG!
 

·
Registered
Joined
·
26,302 Posts
Congratulations and great post! It really shows how every dollar counts! :)
 

·
Registered
Joined
·
19,004 Posts
Thank you for sharing your story of how you started your savings. We do somehting similar to you. We also have money automatically taken out every week so that we do not even know it is missing. Every dollar does add up. I think I am going to up our deduction because of this post. Thank you!:smirk:
 

·
Registered
Joined
·
1,680 Posts
Thank you for sharing, it is inspiring to hear about successes.
 

·
Registered
Joined
·
9,299 Posts
You're absolutely right. $1 a week, $10 a month, any small amount will do... just start saving it!

We started with $20 a month, and combined with paying down debts and having the savings for emergencies have got to the point where we can put a couple hundred each paycheck away for savings, retirement, and investment without noticing.

Just take that first step!
 

·
Registered
Joined
·
2,280 Posts
Great Job and very inspiring post!! :cheerup:
 

·
Registered
Joined
·
980 Posts
Your story is an inspiration to everyone.
 

·
Registered
Joined
·
758 Posts
I just stumbled on your post. Great advice. I just started an automatic transfer of 50 bi-weekly, to our savings account. We have some savings, but I didn't make it a habit, now its automatic.
WTG! I like your plan.
 

·
Registered
Joined
·
1,758 Posts
Great post! I love the way it shows that ANYBODY can save, even if it is just another dollar a week!

Thanks for posting! Sure makes me think!

Theresa :)
 

·
Registered
Joined
·
528 Posts
Job well done. It is amazing how it adds up when it is out of your face and hands on payday. I think you helped a lot of us with this post. :congrats:

Monner :earth:
 

·
Moderator aka AmyBob
Joined
·
12,038 Posts
Great plan! So happy to hear of your success! :clap:
 

·
Moderator
Joined
·
4,028 Posts
Dinah, that is inspiring. Congratulations on your successes!
 

·
Registered
Joined
·
699 Posts
Thank you for this post. You have encouraged us to start a new savings account.
 
1 - 19 of 19 Posts
Top